TORONTO, May 8, 2017
/CNW/ - Redknee Solutions Inc. ("Redknee" or the
"Company") (TSX: RKN) announces key
services agreements that will accelerate the Company's
previously announced Strategic Plan, which is aimed at
creating a strong platform for long-term growth, simplified
operations, and sustained profitability. The Company has
entered into short term services agreements with
Crossover Markets Inc. ("Crossover")
and DevFactory FZ-LLC ("DevFactory") to provide
cross functional and specialized technical services for a period of
six weeks. Each of Crossover and DevFactory is an
affiliate of ESW Capital, LLC.
"We are intensely focused on creating market leading
products and ensuring we deliver customer success," said
Danielle Royston, CEO, Redknee.
"These agreements will enable us to expedite the implementation of
our Strategic Plan while ensuring minimal disruption to customer
projects during our transformational period. We will be better able
to deploy resources strategically to key areas of the Company.
With the support of the Board and its partners, we are confident
that we will be able to successfully implement the necessary
changes to re-align Redknee for growth and profitability, ensuring
we drive customer success and deliver returns to our
stakeholders."
In reviewing the services agreements, the independent
directors engaged KPMG to share leading practices for 3rd party
services agreements including but not limited to contract terms and
conditions, governance, service levels, and retained
organizational roles. To further implement the Strategic Plan, the
independent directors are considering longer term arrangements with
Crossover and Dev Factory and have requested KPMG to provide
observations on such arrangements. In addition, the independent
directors have engaged independent advisors to assist in their
consideration of financing options to fund the Strategic
Plan.
About Redknee
Redknee monetizes today's digital world. We provide a complete
portfolio of mission-critical monetization and subscriber
management solutions and services that allow communications service
providers to charge for things in new and innovative ways.
Redknee's real-time billing, charging, policy and customer care
offerings provide the agility and scalability to drive a unique
user experience, increase profitability and support any new product
or business model. Available on premise, cloud-based, or as a
Software-as-a-Service, Redknee's low-risk, flexible solutions power
more than 250 communication service providers across the globe.
Established in 1999, Redknee Solutions Inc. (TSX: RKN) is the
parent of the wholly-owned operating subsidiary Redknee Inc. and
its various subsidiaries.
References to Redknee refer to the combined operations of those
entities. For more information about Redknee and its solutions,
please go to www.redknee.com.
SOURCE Redknee Solutions Inc.